EIB increases its capital by €10 bn, our contribution is €17 mln

At its meeting on Wednesday, the government agreed that the Minister of Finance, as a member of the Board of Governors of the European Investment Bank (EIB), will vote to increase the bank's capital.

The draft decision of the Board of Governors provides for a €10 bn increase of the Bank's payable capital. This provides significant additional own resources of the EIB for credit operations over the next three to four years, which will support investment in all Member States. These additional resources will be directed to support investment in employment and growth - innovation, production capacity, energy efficiency, small and medium-sized enterprises.

Bulgaria is to pay nearly €18 mln. In order to alleviate the burden on the state budget, payments will be made in three instalments - 50% of the amount by March 31, 2013 and the remaining 50% - in two equal instalments in 2014 and 2015.

EIB is the lending institution of the European Union for long-term financing of major projects. The Bank also co-finances investment programmes under the Structural and Cohesion Funds and other EU financial instruments.

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